Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) witnessed a 3,353% leap in net losses before Zakat to SAR 172.79 million in the first nine months (9M) of 2022, versus SAR 5 million in 9M-21.
The loss per share enlarged to SAR 1.55 in the January-September 2022 period, compared to SAR 0.11 during the same period in 2021, according to the interim financial results.
Furthermore, the net incurred claims reached SAR 1.42 billion in 9M-22, higher by 43.32% year-on-year (YoY) than SAR 992.80 million.
In 9M-22, the net written premiums (NWP) soared by 85.55% YoY to SAR 1.82 billion from SAR 982.32 million.
MedGulf registered accumulated losses totalling SAR 310.12 million as of 30 September 2022, accounting for 29.54% of the SAR 1.05 billion capital.
Income Statements during Q3-22
During the third quarter (Q3) of 2022, the company suffered net losses before Zakat worth SAR 42.12 million, an annual surge of 80.19% from SAR 23.38 million.
The NWP enlarged by 1,466% YoY to SAR 398.60 million in Q3-22 from SAR 25.45 million, while the net incurred claims hiked by 116.14% YoY to SAR 528.55 million from SAR 244.53 million.
On a quarterly basis, the Q3-22 net losses plummeted by 44.18% from SAR 75.47 million in Q2-22.
Meanwhile, the net incurred claims in Q3-22 rose by 12.60% from SAR 469.39 million in Q2-22, whereas the NWP jumped by 28.56% from SAR 310.04 million.
In the first half (H1) of 2022, MedGulf shifted to net losses before Zakat worth SAR 130.66 million, compared to net earnings of SAR 17.88 million in H1-21.
